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News Corp (NASDAQ:NWSA, NASDAQ:NWS), the $17 billion market cap media conglomerate, reported on Tuesday that it continues to operate under its previously announced stock repurchase programs, which authorize the company to acquire up to $1 billion in aggregate of its outstanding Class A and Class B common shares. The company’s strong financial position, with $727 million in free cash flow and a healthy current ratio of 1.84, supports this initiative. According to InvestingPro analysis, News Corp maintains a "Good" overall financial health score.
The company noted that, in accordance with Australian Securities Exchange (ASX) requirements, it provides daily disclosures to the ASX regarding transactions made under these repurchase programs. News Corp also includes information on the repurchase activities in its quarterly and annual reports. With a conservative debt-to-equity ratio of 0.34, the company appears well-positioned to execute its buyback program. For deeper insights into News Corp’s financial metrics and exclusive ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
The announcement was made through a press release statement attached to the company’s latest filing with the U.S. Securities and Exchange Commission. The filing included copies of recent disclosures provided to the ASX as exhibits.
News Corp stated that forward-looking statements regarding its intent to repurchase shares are based on current management expectations and are subject to market conditions, applicable laws, and other factors. The company clarified that it does not undertake any obligation to update these statements except as required by law.
No additional financial statements or details of repurchase transactions were included in the filing.
In other recent news, News Corp has provided updates on its ongoing stock repurchase programs, which permit the company to buy back up to $1 billion of its Class A and Class B common stock. The company is committed to disclosing daily transactions related to these repurchase programs to the Australian Securities Exchange, as required by ASX rules. Furthermore, News Corp includes detailed information about these repurchase activities in its quarterly and annual reports. According to the company’s filings with the U.S. Securities and Exchange Commission, the information provided to the ASX is attached as exhibits. News Corp emphasized that any forward-looking statements regarding its intent to repurchase shares are based on current management expectations and are subject to uncertainties such as market conditions and applicable securities laws. The company’s disclosure also highlights that actual results may vary due to factors like changes in stock price and general market conditions. These developments reflect News Corp’s ongoing commitment to its stock repurchase strategy.
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